Nasdaq-listed IT major Cognizant has entered into an agreement to acquire Australia-based consulting, business transformation and service provider Adaptra, for an “undisclosed sum”.
Sydney-headquartered Adaptra, established in 1998, works with five of the top 10 insurers in Australia and New Zealand. Adaptra specialises in consulting, programme management and implementation of core platforms such as Guidewire to enable insurance companies to drive improvements across areas like underwriting and policy administration.
The acquisition would further strengthen Congnizant’s insurance, business transformation and platform capabilities, a company statement said. “As part of the acquisition, approximately 100 professionals will join Cognizant. The terms of the transactions are not disclosed,” it said.
“Increasingly, insurers around the world are looking to simplify critical processes relating to policies, claims and billing. Adaptra’s high-end business transformation and Guidewire expertise will complement our deep digital business, operations,” Cognizant Head-Asia Pacific Jayajyoti Sengupta said.
“We welcome Adaptra’s talented professionals to join Cognizant,” he said. The acquisition (by Cognizant) would position Adaptra for new growth opportunities across technologies and industries, Adaptra Managing Director Peter Overton said.
“Cognizant’s global experience, deep digital capabilities and entrepreneurial culture will enable us to deliver broader transformational solutions,” he said. Cognizant has over 100 development centres, globally and employs about 2.25 lakh people, it added.